Albio Sires: “2 weeks ago the nonpartisan Congressional Budget Office released a primary analysis of the President's fiscal 2008…”

“2 weeks ago the nonpartisan Congressional Budget Office released a primary analysis of the President's fiscal 2008 budget and found that the administration would fall short of its claim of balancing the Federal budget by 2012 without raising taxes. This contradicts comments made by the President when he unveiled the budget last month and claimed that his budget will be balanced by 2012 without raising taxes. According to the CBO report, the President's budget will run a $9 billion deficit just 5 years from now. That report also concludes that the President's budget will lead to higher taxes for millions of middle-class Americans. First, his budget only includes a 1-year tax fix for the alternative minimum tax, which will lead to a $247 billion tax increase on middle-class families over the next 5 years. Then the President's health care plan will result in a tax increase of $500 billion over the next 10 years on middle-class families. This is unacceptable. Mr. Speaker, it is time that the President levels with the American people about the budget that he proposed a month ago.”